and had been
Arne Sorenson, who turned Marriott International into the world’s largest lodge chain after buying Starwood Hotels & Resorts in a $13 billion deal in 2016, has died. He was 62 and had been present process therapy for pancreatic cancer, the corporate introduced Tuesday.
Sorenson, the third CEO in Marriott’s historical past and the primary outdoors the founding household, died Monday, the corporate mentioned.
Sorenson expanded Marriott’s presence worldwide underneath dozens of manufacturers, together with W Hotels, Ritz-Carlton, Courtyard and Sheraton.
In the previous yr, he needed to lead the enterprise by way of the Covid pandemic, which has introduced most world and home journey to a standstill.
The lodge operator had introduced in May 2019 that Sorenson had been identified with pancreatic cancer. Earlier this month, it shared the information that the CEO can be briefly reducing again his work schedule to accommodate extra demanding therapy.
Earlier this yr, Marriott tapped two executives – Stephanie Linnartz, group president of client operations, know-how and rising companies; and Tony Capuano, group president of world growth, design and operations companies – to supervise day-to-day operations, filling in for Sorenson.
The firm mentioned Tuesday that Linnartz and Capuano will proceed to take action till the board appoints a brand new CEO, which is anticipated to be inside two weeks.
Marriott shares had been up lower than 1% in premarket buying and selling Tuesday, having fallen about 12% over the previous 12 months. The lodge operator has a market cap of almost $42 billion.